$20,000 side loan to help with mortgage

Posted Thursday, 03 January 2013 at 17:38 by William Mansfield
Tagged: home loans | Hint/Tip
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$20,000 side loan at home loan rate, tax deductible as well if used for investment.

***Rates Updated as of January 2013***

Introducing the new $20,000 secured mortgage credit card from Adelaide and Bendigo Bank.

Offer: $20,000 Credit card side loan on top of your mortgage ( does not add to the LVR)

Fee: $150 annual fee

Application fee: $0

Rate: Standard discounted home loan rates and conditions

Current rate: 5.79%

LVR: Up to 95%

Break cost: None, exit anytime by paying out the loan.

Benefits:

• Money can be used to pay for renovations
• Deposit for the next property
• Spare funds
• Purchase of another investment- shares, property, gold etc..
• Pay out personal loans and credit card debts
• Personal purchase - Car, furnitures etc...
• Great for construction loan, as the funds can be used for upgrades and landscaping

Note: This $20,000 side loan does NOT add to the LVR, meaning it does not add to the LMI.

***  Interest are tax deductible if the purpose of the funds are used for investment purpose, seek professional advice from your accountant.